Top government officials and parliamentarians would have to reveal any personal cryptocurrency holdings worth more than $760 under the proposed legislation.
A new rule in South Korea will soon oblige politicians and other government figures to disclose their bitcoin holdings. According to the People Power Party’s floor leader, the law should go into force within the next two months.
There have been suggestions for more modifications and the addition of a new clause to hasten the execution of the legislation, but concerns have been voiced about the schedule as it stands.
Push for Earlier Enforcement of Crypto Declaration Rules
The bill’s objective is to encourage officials in South Korea who deal with cryptocurrencies to be transparent and accountable for their actions. The legislation aims to resolve potential conflicts of interest and ensure more governance integrity by requiring the disclosure of cryptocurrency investments.
The legislation’s backers think that faster implementation and the required amendments will increase its potency in controlling digital assets.
As part of continuous attempts to reconcile South Korea’s regulatory framework with changing trends in the digital asset market, bitcoin declaration rules have been introduced. The government wants to build a more stable and responsible environment for parliamentarians and high-ranking officials by increasing transparency in cryptocurrency ownership.The bill’s progress and potential revisions will be closely watched as South Korea continues to navigate the regulatory challenges posed by the cryptocurrency industry.
On May 26, the new law is slated to be brought up for a vote.
Currently, South Korean government personnel are required to disclose any possessions worth more than 1 million Korean won ($760), including stocks, bonds, jewelry, gift memberships, and other assets, but there is no similar requirement for cryptocurrencies and digital assets.
The new measure was put out in response to a significant incident involving government employee Kim Nam-kuk, who was suspected of selling off cryptocurrency assets worth more than $4 million before the nation started enforcing its “Travel Rule” in March.